What Bitcoin's Highs and Lows Mean for Businesses Using the Cryptocurrency

Bitcoin's volatile behavior has caused some businesses to reevaluate the digital currency.

Bitcoin's prices plummeted Friday morning after a week of incredible highs. The cryptocurrency's price soared to a record $17,000 on Thursday, only to nosedive more than $3,000 the following morning, according to tracking site CoinDesk.

Bitcoin trading has become frenzied as a slew of new investors jumped into the market. However, prices of the cryptocurrency vary depending on the trading platform. For example, Bitcoin soared above $19,000 on Thursday on the Coinbase exchange, which accounts for a third of Bitcoin trading and is typically at a premium compared to other industry sites.

Bitcoin has been on a rollercoaster ride since January. It began the year with prices below $1,000 and experienced several drops until it reached its recent highs. But Bitcoin's volatile behavior caused some businesses to reevaluate the digital currency.

For example, the digital gaming and video distribution platform Steam announced it is no longer accepting Bitcoin as a payment method. The company attributed its decision to the cryptocurrency's "high fees and volatility," according to a statement on its website.

Others, have been critical of Bitcoin from the start. JPMorgan Chase CEO Jamie Dimon in September called the digital currency a "fraud" and said, it "won't end well."